Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 45,450 people, 15,505 houses or apartments, and a median cost of homes of $193,993, Farmington real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Farmington, accounting for 61.61% of the city's housing units. Other types of housing that are prevalent in Farmington include mobile homes or trailers ( 18.76%), duplexes, homes converted to apartments or other small apartment buildings ( 8.37%), and a few large apartment complexes or high rise apartments ( 7.50%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Farmington. Owner-occupied housing accounts for 65.17% of Farmington's homes, and 66.54% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Farmington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farmington built between 1940-1969 ( 30.10%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.28%). There's also some housing in Farmington built before 1939 ( 1.06%).
Vacant housing appears to be an issue in Farmington. Fully 12.50% of the housing stock is classified as vacant. Left unchecked, vacant Farmington homes and apartments can be a drag on the real estate market, holding Farmington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Farmington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Farmington during the period has been just -0.22%, which is lower than 80% of US communities.
Appreciation rates are so strong in Farmington that despite a nationwide downturn in the housing market, Farmington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Farmington appreciation rates continue to be some of the highest in America, at 13.62%, which is higher than appreciation rates in 97.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Farmington. Farmington appreciation rates in the latest quarter were at 6.86%, which equates to an annual appreciation rate of 30.37%.
Importantly, NeighborhoodScout’s exclusive research found that Farmington's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to New Mexico, our data show that Farmington's latest annual appreciation rate is higher than 80% of the other cities and towns in New Mexico.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Farmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Farmington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Farmington real estate investment or home purchase decisions.
|$829,001 - $1,106,000||0.5|
|$553,001 - $829,000||3.3|
|$443,001 - $553,000||2.2|
|$332,001 - $443,000||9.6|
|$221,001 - $332,000||22.9|
|$110,001 - $221,000||38.5|
|$55,001 - $110,000||9.0|
|$0 - $55,000||13.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
2000 Q1 - 2019 Q1
|* 10 is highest|
|AGE OF Farmington HOMES|
|2000 or Newer||16.3|
|1970 - 1999||52.6|
|1940 - 1969||30.1|
|1939 or Older||1.1|
|TYPE OF Farmington HOMES|
|Small Apt. Buildings||8.4|
|SIZE OF Farmington HOMES|
|5 or more bedrooms||2.57|